INDEX FLEET RATE AND PRICE VALUATIONS

FEBRUARY 1, 2018

The SHIPPING INTELLIGENCE INDEX FLEET is a theoretical group of fifteen
ships chosen to be representative of
the world fleet. (See below for details of the INDEX FLEET composition.)
Changes in resale value or charter rates for the world fleet are mirrored in
the INDEX FLEET. The figures below represent the resale value of the
entire INDEX FLEET, by type, and the average 6 to 12 month time charter
rate for the entire INDEX FLEET, by type. The figures shown were derived
from a statistical analysis of thousands of actual ship sales and charters.

INDEX FLEET COMPOSITION

BULK CARRIERS TANKERS
------------- -------
35,000 DWT, 10 Years Old 45,000 DWT, 15 Years Old
45,000 DWT, 15 Years Old 70,000 DWT, 10 Years Old
52,000 DWT, 5 Years Old 105,000 DWT, 15 Years Old
70,000 DWT, 15 Years Old 110,000 DWT, 5 Years Old
75,000 DWT, 10 Years Old 155,000 DWT, 10 Years Old
82,000 DWT, 5 Years Old 310,000 DWT, 5 Years Old
140,000 DWT, 15 Years Old
160,000 DWT, 10 Years Old
170,000 DWT, 5 Years Old